Owner #1 - Sale
Ownership of 3255 Fortune was facing some tough questions in 2021 as the COVID-19 pandemic was in full swing. Stay in business and try to navigate uncertain waters? Or shutter and sell? They choose the latter and contacted Jon-Michael Brock for assistance. Jon-Michael and Thomas Fawcett developed 4 plans of action for the property:
- Sale-Leaseback – pull equity out of the building by selling and save business costs by leasing
- Sell & Vacate
- Lease & Landlord
- Lease & Sell
- The owner eventually decided to sell and liquidate, and Lee & Associates successfully listed and sold the property to a value-add investor.
Owner #2 - Lease
The value-add investor that purchased the property retained Lee & Associates to lease the building. With Jon-Michael and Thomas’ guidance, new ownership implemented a variety of valuable renovations including new paint, landscaping, signage, lighting, and office buildout. Due to low market vacancy and high warehouse demand, Lee & Associates was able to draw tenants from newer, larger buildings and bring them to 3255 Fortune Drive. This allowed the landlord to lease the building in a shorter amount of time, while also acheiving higher rents.
The Outcome
Jon-Michael and Thomas cultivated relationships surrounding this property for several years, and through dedicated partnership and extensive market knowledge, they were able to sell the asset, retain the assignment, and fully lease the property.
